Carvana Co. (CVNA) Sustains Rapid Unit Growth as Lending Fears Ease

3 weeks ago 10

Attiya Zainib

Tue, February 17, 2026 astatine 7:52 AM CST 3 min read

Sands Capital Management, LLC's Technology Innovators Fund released its Q4 2025 capitalist missive for "Technology Innovators Fund". A transcript of the missive tin beryllium downloaded here. The Fund delivered mixed show during the 4th fourth of 2025, arsenic marketplace returns were progressively driven by a constrictive radical of large-cap maturation stocks, with the portfolio’s apical 10 holdings accounting for astir 59% of assets, portion respective high-valuation innovation names faced unit from slowing momentum and capitalist hazard aversion. The fund’s results reflected stock-specific challenges alternatively than wide macroeconomic shocks, with weaker show successful definite emerging exertion holdings offset by spot successful prime level and infrastructure businesses. During the quarter, the portfolio declined 6.3% connected a quarter-to-date basis, and the money generated a 14.7% instrumentality implicit the 1 year, reflecting stock-specific challenges alternatively than wide macroeconomic shocks, with weaker show successful definite emerging exertion holdings offset by spot successful prime level and infrastructure businesses. Management emphasized its semipermanent concern horizon, noting an mean yearly portfolio turnover of 21%, and stated that galore portfolio companies continued to make coagulated full-year net maturation successful 2025, supported by durable gross models tied to artificial intelligence, unreality computing, and integer transformation, adjacent arsenic enthusiasm for speculative maturation faded precocious successful the quarter. In addition, delight cheque the Fund’s apical 5 holdings to cognize its champion picks successful 2025.

In its fourth-quarter 2025 capitalist letter, Sands Capital Management, LLC's Technology Innovators Fund highlighted stocks similar Carvana Co. (NYSE:CVNA). Carvana Co. (NYSE:CVNA) is an online used-car retailer focused connected delivering a afloat integer conveyance buying acquisition with nationwide delivery. The one-month instrumentality of Carvana Co. (NYSE:CVNA) was -22.62% portion its shares traded betwixt $148.25 and $486.89 implicit the past 52 weeks. On February 13, 2026, Carvana Co. (NYSE:CVNA) banal closed astatine astir $342.87 per share, with a marketplace capitalization of astir $74.34 billion.

Sands Capital Management, LLC's Technology Innovators Fund stated the pursuing regarding Carvana Co. (NYSE:CVNA) in its Q4 2025 capitalist letter:

"Carvana Co. (NYSE:CVNA) is the world’s largest ecommerce utilized car retailer by revenue. Shares precocious aft third-quarter results sustained exceptional maturation and eased concerns astir the lending business. Revenue roseate 55 percent twelvemonth implicit year, supported by 44 percent portion growth—marking the 4th consecutive 4th of much than 40 percent maturation successful an different brushed utilized car market. Certain developments successful the broader subprime car lending abstraction weighed connected shares successful the months up of earnings, but these demonstrated to beryllium idiosyncratic—for Carvana, Q3 results were incrementally affirmative for lending, with sequential indebtedness borderline maturation and coagulated show successful caller vintages. Looking ahead, we stay assured successful Carvana’s quality to prolong beardown portion growth, supported by the ample addressable market, important conveyance inventory, and continued improvements successful transportation speed."

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